In 1972–1973, Redmond became the seventh player in NHL history and the first Red Wing player to score fifty goals in a season. He finished a career year with 52 goals and 93 points, surpassing Gordie Howe's team record of 49. Redmond's record would stand until John Ogrodnick tallied 55 goals during the 1985 season. Delvecchio retired early in the 1973–74 season to become the team's coach, and Redmond was moved onto a line with budding superstar Marcel Dionne. Redmond's success continued, and he became only the third player to achieve back to back fifty goal seasons with 51 goals (including an NHL leading 21 power play goals).

In the 1974–75 season Redmond sustained a back injury and played only 29 games. His back woes continued the following year; after 37 games he retired early at the age of 28. He had been named to the league's First All-Star Team in 1973, the Second Team in 1974, and he played in one All-Star Game.

After his playing career ended, Redmond became a popular color analyst on television. His television stops include CBC's Hockey Night in Canada, ESPN National Hockey Night, NHL on Fox and for most of his broadcasting career, local television coverage of the Red Wings with play-by-play announcers Dave Strader, Mike Goldberg and (currently) Ken Daniels. His catchphrases are referred to by fans as "Mickeyisms". In one memorable string Mickey used the following to describe a scramble in the crease- "Ten hungry lumberjacks, one pork chop left on the plate, and who should come up with it but Brett Hull!"

Redmond was a frequent guest on Drew and Mike In the Morning on WRIF. Redmond provided in-studio pre- and postgame commentary for WXYZ when ABC broadcast NHL games that featured the Red Wings, and currently does the same on NBC-broadcast Wings games for WDIV.

Redmond only does commentary for home games and away games with short trips, due to having coeliac disease[1] and the difficulty of finding gluten-free meals over an extended trip. In those cases, his duties are covered by Chris Osgood or Darren Eliot.[2]